It's almost the end of 2006, so it's time for people around the nation to do three things:
1. Summarize 2006, the year "in review".
2. Drink stuff.
3. Predict stuff.
I don't drink much and enjoy market predictions more than reviews. It's always fun listening to the smart people tell us which stocks to buy or which real estate markets will be hot in 2007.
I used to buy stocks based on the advice of these experts, but the rest of the world always seemed to disagree with me, as they'd normally tank within months of my purchase. Now, I choose to take most predictions with a grain of salt, but I do see merit in the real estate market predictions that were reported in the recent Fortune Magazine.
As reported by MSN, "Fortune asked Moody's Economy.com and real estate valuation company Fiserv Lending Solutions to give us their take on what lies ahead for housing in the country's 100 largest metropolitan areas. The picture in many parts of the country isn't pretty. In 2007, 36 of the 100 biggest markets are expected to see price declines. For 2008, that number rises a notch to 37".
But the housing market looks healthy in the Southeast, where the top market, McAllen Texas, is predicted to rise 8.5 percent in 2007, and another 9.8 percent in 2008. In fact, four of the hottest U.S. home markets forecast for next year are in Texas. Also on the list are two markets in upstate New York -- Syracuse and Rochester.
TOP 10 MARKETS FOR 2007
- McAllen-Mission, Texas
- El Paso, Texas
- Albuquerque, N.M.
- Salt Lake City
- Syracuse, N.Y.
- San Antonio
- Rochester, N.Y.
- Baton Rouge, La.
- Fort Worth-Arlington, Texas
- Birmingham, Ala.
So Texas, once again, tops the list. The South was reported as having one of the stronger markets in the country, with the Northeast slowing down and West continuing to decline. It's time for the Northerners to put on their cowboy hats.
Read the full story: 10 housing markets that will rise in 2007
Builders here in El Paso aren't selling to most investers so you aren't seeing the big increases you see in other markets. Most of the rise in home prices is due to home being undervalued for a number of years. Here is a link on El Paso: http://activerain.com/blogsview/17871/El-Paso-County-Growing
Posted by: John Rogers | Monday, January 01, 2007 at 08:06 AM